Founder of Pachá Acquires 3% of Renta Corporación’s Share Capital

17 December 2018 – Eje Prime

Renta Corporación has opened up its share capital to a new investor. The businessman Ricardo Urgell (pictured below), founder of the Pachá Group, has acquired 3% of the company through his family office. Specifically, Urgell has entered the share capital of the real estate company after making several purchases in the market and after acquiring a package of shares that had been held by the President of Renta, Luis Hernández de Cabanyes, until now.

Meanwhile, Cabanyes will continue to hold 21.53% of the shares of Renta Corporación, making him the largest shareholder. This latest operation follows other similar deals through which Cabanyes has wanted to facilitate access to the share capital of the real estate company to several investor groups. Now, following the acquisition by Urgell, the President “considers this stage closed and is not proposing any more shareholder movements”, the company said in a statement.

Renta Corporación closed the third quarter with a profit of €11.7 million and is planning to achieve €16 million in 2018 as a whole. The company has acquired more than 2,000 homes over the last 18 months, with a cumulative investment of €450 million. In parallel, the evolution of Vivenio, the Socimi created together with the Dutch pension fund APG, has consolidated its position as a source of recurrent income for the group.

Original story: Eje Prime

Translation: Carmel Drake

Nyesa’s Share Price Soars by 23% as it Announces Negotiations with Spanish Investor

9 March 2018 – Eje Prime

The stock market is rewarding Nyesa. The company has seen its share price soar by 23% due to negotiations with a Spanish investor. The company has informed Spain’s National Securities and Exchange Commission (CNMV) that it is negotiating an investment contract to not only carry out a non-monetary capital increase but also to incorporate new real estate assets into its portfolio in Spain.

“The investment contract establishes that the capital increase is conditional upon Nyesa considering that the technical, legal, tax, labour, financial and urban planning reviews of the assets to be contributed are undertaken in a completely satisfactory way”, say sources at the group. “Moreover, the deal will also be subject to the investor accepting the new valuation of the assets to be contributed, based on a preliminary valuation of more than €17 million”, they conclude.

The forecast issue rate for the capital increase is €0.060 per share (of which €0.015 corresponds to the nominal value and €0.045 to the issue premium). In this regard, it was also reported that as a consequence of the execution of the capital increase, the investor would reach a percentage stake of less than 13% in the share capital of Nyesa Valores Corporación.

The operation forms part of the process to search for partners, investors and real estate projects that help to define and support the strategy and strengthen the development of the company’s business. Specifically, with the execution of this capital increase, the company’s equity position would be strengthened through the incorporation of assets that generate recurrent income.

Original story: Eje Prime 

Translation: Carmel Drake